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REPEAT:MNI DATA ANALYSIS:US Jan Existing Home Sales Down 3.2% 

Repeats Story Initially Transmitted at 15:00 GMT Feb 21/10:00 EST Feb 21
By Kevin Kastner, Sara Haire and Holly Stokes
     WASHINGTON (MNI) - Home resales fell by 3.2% in January to an annual rate
of 5.38 million, well below expectations for a rise to a 5.62 million pace as
supply remains tight, data released by the National Association of Realtors
reported Wednesday showed.
     The January sale pace was the lowest for a January reading since the series
began in 1999. Sales were down 4.8% from January 2017, the largest 12-month
decline since August 2014. 
     December sales were revised down slightly to a 5.56 million rate from the
originally reported 5.57 million annual rate. Annual revisions were included
with the data. After those were incorporated, the fourth quarter average monthly
average pace stands at 5.59 million and the 2017 level, which is unadjusted,
stands at 5.51 million, so 2018 sales are off to a slow start.
     --SUPPLY REMAINS SOFT
     The number of housing units available for sale rose 4.1% in January to a
total of 1.52 million houses, as usual for January. However, the home supply was
down 9.5% from a year earlier. The months supply ticked up to 3.4 months from
3.2 months in December due to the decline in sales, but remained below the 3.6
months supply a year ago. Combined with fast markets reported by local realtors
and it is easy to see why prices keep rising.
     "The interest is there, but they can't close the deal due to the lack of
inventory," NAR Chief Economist Lawrence Yun told reporters.
     --REGIONAL DATA DOWN ACROSS THE BOARD
     Sales were down in all four regions of the country. Yun noted the South
regions continues to outperform the other regions, but even that regions saw and
monthly and year/year decline.
     --PRICES CONTUINUE TO RISE
     January's national median price of $240,500 was down from December, but up
5.8% from a year earlier, a sign of short supply continues to lift prices, even
as sales have softened.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
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